John F. Novak, chief executive of Millennium Bankshares Corp. in Sterling, Va., is expected to step down at the end of this month.
As first reported in the Washington Business Journal, Novak announced his resignation from the $200 million-asset undercapitalized bank on Monday. The company has not officially announced the news, but Marcus Perry, chief lending and credit officer, confirmed Novak's resignation and said he would assume the top role on an interim basis.
A call to the bank was not immediately returned.
Novak has served as CEO since 2009, when he replaced Richard I. Linhart, who spent 18 months trying to save the ailing company. Under Novak, the company shaved assets by a third, but its Millennium Bank unit has not been well capitalized since the third quarter of 2009. At March 31, its total risk-based capital ratio was 7.5%, according to Federal Deposit Insurance Corp. data.
Millennium lost $708,000 in the first quarter and has lost more than $35 million since the start of 2008.